Economics

When people need to make economic choices due to a lack of available goods and money, this is called _________________________ in economic terms.

• trade offs
• scarcity
• opportunity cost
• incentive

A good is something you buy and consume.   Tell which one is a good.

• You get your hair cut.
• You hire someone to cut your grass.
• You take a trip on the Grey Hound Bus to New York.
• You buy a donut at Krispy Kreme.

Which type of economy exists in primitive cultures where the focus is on providing food?

• Command economy
• Market economy
• traditional economy

What type of economy is when the government decides what is produced and how much goods will cost?

• command economy
• traditional economy
• market economy

The USA has mostly a _____________ economy.

• Command
• Traditional
• Mixed
• Market

• Producer
• Consumer

• Producer
• Consumer

• Producer
• Consumer

Look at the pictures. Which word below could be used to describe them?

• services
• goods
• cosumers

Look at the pictures. Which word below could be used to describe them?

• services
• goods
• producers